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Mistras Group, Inc.

Rank #167ValueWatchlistCompare with other stocks

MG · NYSE · Industrials

Mistras Group, Inc. (MG) — Rank #167 by gross profitability (GP/assets 0.35) · ROE 7.0% · Piotroski F-Score 6 / 9.

As-of 2026-10-30 · CIK 0001436126 · all metrics point-in-time as of the filing date.

About

Mistras Group, Inc. provides technology-enabled industrial asset integrity and laboratory testing solutions in the United States, Europe, the Middle East, Africa, Asia, and South America.

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The company offers non-destructive testing (NDT) services; pipeline inspections; Plant Condition Management Software; maintenance planning; and specialized engineering solutions. It also provides maintenance and light mechanical services, such as corrosion removal, mitigation and prevention, insulation installation and removal, electrical services, heat tracing, industrial cleaning, pipefitting, and welding; engineering consulting services, including plant operations and management support, turnaround/shutdown planning, profit improvement, facilities planning studies, engineering design, process safety reviews, energy optimization evaluations, benchmarking/key performance indicator development, and technical training. In addition, the company offers scaffolding and rope access forb at-height and confined assets; certified divers for subsea inspection and maintenance; unmanned aerial, land-based, and subsea systems for inspection applications; portable, handheld, wireless and turnkey NDT equipment; acoustic emission products and sensors, instruments, and turnkey systems for monitoring and testing materials, pressure components, processes, and structures; and ultrasonic testing equipment. Further, it provides asset protection solutions to detect, mitigate, and prevent degradation mechanisms, such as corrosion, cracking, leaks, and manufacturing defects; inspection, maintenance, and monitoring and data services; and quality assurance and quality control solutions for new and existing metal and alloy components, materials, and composites. It serves renewable energy, alternative power generation, natural gas transportation, data centers, pipeline integrity, and additive manufacturing industries.

The company was founded in 1978 and is headquartered in Princeton Junction, New Jersey.

Industry
Security & Protection Services
Sector
Industrials
State
DE
Filer Category
Accelerated filer
Fiscal Year End
December 31

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

4,800

Industry

Security & Protection Services

Exchange

NYSE

10/12

Flags passed

MG fails 2 critical flags

Passes 10 of 12 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • FAIL
    Valuation convergence

    EPS declining, shares diluting, and revenue growth decelerating simultaneously

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    Balance sheet stable
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin

Strengths Operating leverage expanding · Sequential beat (rev + EPS)

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.35
Return on equity
7.0%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.43
Current ratio
1.71×
Net cash
-$150.10M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
1.1%

Growth

1/2 pass
Revenue growth
-0.8%
Piotroski F-Score
6 / 9
Share dilution
1.4%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.35

Gross profitability (GP / assets)

0.35

Primary signal (Novy-Marx).

5th of 7 SIC 87 peers

Return on equity

7.0%

Gross margin

28.2%

7th of 7 SIC 87 peers

Revenue growth (YoY)

-0.8%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2022202320242025
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

1.7%

Revenue CAGR (5Y)

4.1%

Earnings CAGR (3Y)

37.3%

FCF CAGR (3Y)

-15.6%

Cash Flow Health

Is the cash real?

No warning flags · FCF 51% below net income

Free cash flow

$8.31M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-50.7%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.1%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net debt $150.10M, F-Score 6/9

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.43

7th of 7 SIC 87 peers (best = lowest)

Current ratio

1.71×

5th of 7 SIC 87 peers

Quick ratio

1.44×

Net cash

-$150.10M

Cash & equivalents minus total debt.

Piotroski F-Score

6 / 9

Fundamental-strength score (0-9).

Valuation

Is the price reasonable?

Warning: Valuation convergence

Capital allocation quality

Composite score

2.7 / 5

Fair
Share count trend
1.4%2/5 Fair
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr3/5 Good
Net debt trajectory(deleveraging)
0.2%3/5 Good

Lifecycle Phase History

20202025
Decline
Op. Leverage
Value
Startup

Price History

MG+109.8% · +15.9% CAGRSPY+82.9% · +12.8% CAGR

View full financial statements →

Source filings on SEC EDGAR: 10-K annual reports · 10-Q quarterly reports